The basic equations are derived for compressible flow in a labyrinth seal. The flow is assumed to be completely turbulent in the circumferential direction where the friction factor is determined by the Blasius relation. Linearized zeroth and first-order perturbation equations are developed for small motion about a centered position by an expansion in the eccentricity ratio. The zeroth-order pressure distribution is found by satisfying the leakage equation while the circumferential velocity distribution is determined by satisfying the momentum equation. The first-order equations are solved by a separation of variables solution. Integration of the resultant pressure distribution along and around the seal defines the reaction force developed by the seal and the corresponding dynamic coefficients. The results of this analysis are compared to published test results.